Paramo sold its 100% owned subsidiary company Paramo Asfalt to the Polish company Orlen Asfalt. The contract of purchase, through which Orlen Asfalt gained a hundred-percent share in Paramo Asfalt from Paramo, was signed by representatives of both companies. The total purchase price, determined by court-appointed valuation expert, reached 116.1 million CZK.
"The sale of subsidiary company Paramo Asfalt to Orlen Asfalt is a part of the asphalt business restructuralization process in the whole Unipetrol group. A long-term contract is concluded on asphalt deliveries from Paramo production, which guarantees the asphalt purchase volumes by Paramo Asfalt," says Milan Kuncíř, CEO of Paramo, a.s.
The sale of Paramo Asfalt to ORLEN Asfalt is the next step in the PARAMO restructuring and refinery assets' optimization, part of which was transfer of PARAMO's bitumen business activities to Paramo Asfalt in January 2012. The optimization shall, among others, create synergies and competitive advantages from centralization of bitumen business within Central and Eastern Europe, secure stable and long-term off-take of bitumen products from Litvínov and Pardubice plants and transfer their trading risk while focusing on production efficiency.
Paramo Asfalt started its activities on 1 February 2012 and it provides all services in the area of asphalt sale from Pardubice and from refineries in Litvínov, Trzebinia and Plock.
UNIPETROL, a.s. is a group of companies operating in the petrochemical industry in the Czech Republic. In 2005 UNIPETROL became a part of the PKN ORLEN Group, the largest oil processor in Central Europe. The UNIPETROL Group is oriented mostly towards oil processing, fuel distribution and petrochemical production. In all of these business areas the UNIPETROL Group is among the key players both in the Czech Republic and on the Central European market. The Group ranks among the leading firms in the Czech Republic in terms of its revenues, and employs almost 4,000 people.
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